Key Takeaways ON expects Q2 revenues between $1.4B and $1.5B and EPS in the range of 48-58 cents.Automotive revenues likely declined; industrial revenues are expected to have improved sequentially.Pricing cuts and lower factory utilization might have pressured margins despite cost savings.On Semiconductor (ON) is slated to release its second-quarter 2025 results on Aug. 4.For second-quarter 2025, ON expects revenues between $1.4 billion and $1.5 billion. Earnings are expected to be in the range of 48-58 cen ...

I have covered On Semiconductor (NASDAQ: ON ), also called OnSemi, several times. Issuing a buy recommendation on April 26, 2024, and October 29, 2024. Unfortunately, neither recommendation has done well; my initial recommendation is down 13.81% to I have been a Merchant Seaman that has traveled the world for over 30 years. Within the last 15 years, I developed a very intense interest in investing. I learned a lot of what I know about investing from The MF. Also because I have a engineering background, I of ...

7月30日，安森美(onsemi)宣布与英伟达合作，共同推动下一代AI数据中心加速向800V直流供电方案转 型。 ...

Core Viewpoint - Onsemi Semiconductor (ON.US) has partnered with Nvidia (NVDA.US) to accelerate the development of 800V DC power solutions for next-generation AI data centers, leading to a significant increase in Onsemi's stock price by over 6% [2] Group 1: Industry Trends - The demand for power in global AI data centers is rapidly increasing, with projections indicating that by 2030, global data center electricity demand will more than double to approximately 945 TWh, driven primarily by AI applications [2] - AI data center power consumption is shifting from traditional levels of 20-30 kW per rack to levels of 500 kW and even 1 MW, necessitating a transition to 800V high-voltage direct current (HVDC) architecture [3][4] - The current mainstream power systems in large-scale cloud computing and AI training clusters are still based on 48V DC or 380/400V DC, with 800V being in the early pilot stage [4] Group 2: Company Developments - Onsemi Semiconductor's smart power solutions are positioned as critical components for powering next-generation AI data centers, achieving high efficiency and power density in energy conversion [2] - Nvidia is expected to see new revenue streams from the 800V DC high-voltage distribution, which will serve as the backbone for future megawatt-level AI data centers, enhancing its growth channels beyond AI GPUs and high-performance networking solutions [5] - Onsemi is set to provide 800V-level SiC MOSFETs, solid-state transformers, and high-density DC-DC modules, strengthening its competitive edge in the high-voltage SiC power market against rivals like Infineon [5]

Core Viewpoint - ON Semiconductor has partnered with NVIDIA to develop an 800V DC power solution for next-generation AI data centers, which is expected to significantly enhance power efficiency and capacity in response to the growing demand for AI applications [1][2]. Group 1: Market Demand and Trends - The global power demand for AI data centers is projected to double by 2030, reaching approximately 945 TWh, driven primarily by AI applications [1]. - AI data centers are experiencing a rapid increase in power consumption, with power levels rising from 20-30 kW per rack to 500 kW or even 1 MW [2]. - The shift towards 800V high-voltage direct current (HVDC) architecture is seen as essential for managing increased power demands while minimizing losses [2][3]. Group 2: Technological Advancements - The new 800V DC solution aims to reduce current and I²R losses to one-tenth of current levels, improving overall power supply efficiency by at least 5% [2]. - The 800V architecture is designed to accommodate future AI factory setups, allowing for higher power densities and better thermal management [3]. - NVIDIA plans to mass-produce 1 MW AI factory server racks starting in 2027, which will require the implementation of 800V systems [3]. Group 3: Competitive Positioning - ON Semiconductor is positioned to provide critical components such as 800V SiC MOSFETs and solid-state transformers, enhancing its competitive edge in the high-voltage power market [4]. - The collaboration with NVIDIA allows ON Semiconductor to secure long-term contracts and strengthen its market position against competitors like Infineon [4].

Core Insights - onsemi is collaborating with NVIDIA to transition to 800 Volts Direct Current (VDC) power architectures, enhancing efficiency, density, and sustainability for next-generation AI data centers [1][2] Group 1: Power Distribution and Efficiency - The new power distribution system is designed to handle large amounts of power with minimal losses during voltage conversion, crucial for AI data centers [2] - onsemi's intelligent power portfolio is essential for high-efficiency, high-density power conversion throughout the power journey, from high-voltage AC/DC conversion to voltage regulation at the processor level [2][3] Group 2: Technological Innovation - onsemi leverages decades of innovation in silicon and silicon carbide (SiC) technologies to provide solutions for solid state transformers, power supply units, and 800 VDC distribution [3] - The company's capabilities in intelligent monitoring and control position it as a leader in meeting the power requirements of modern AI infrastructure with scalable designs [3] Group 3: Company Overview - onsemi focuses on automotive and industrial markets, driving innovations in vehicle electrification, sustainable energy grids, industrial automation, and cloud infrastructure [4] - The company is included in the Nasdaq-100 Index and S&P 500 index, highlighting its significant market presence [4]

Core Viewpoint - The article discusses how the U.S.-China trade tensions, particularly the tariffs imposed by former President Trump, have created opportunities for Vietnam to establish itself in the global semiconductor industry, with a focus on local production and reducing reliance on China [3][6]. Group 1: Market Dynamics - The demand for semiconductor components in Vietnam has surged due to preemptive orders from clients before tariffs took effect, with companies like Fab-9 reporting a 20% increase in orders following Trump's tariff threats [3]. - Vietnam's semiconductor strategy aims to establish a domestic manufacturing plant, 100 chip design companies, and 10 packaging factories by 2030 [3]. Group 2: Investment and Infrastructure - VSAP Lab is investing $72 million to build an advanced semiconductor packaging laboratory in Da Nang, with a designed annual output of 10 million units [4]. - The Vietnamese government is promoting high-tech manufacturing, with state-owned Viettel pursuing similar technological advancements [5]. Group 3: Challenges and Comparisons - Despite the growth potential, Vietnam faces challenges similar to Malaysia, which has not developed a globally influential semiconductor company despite having a robust ecosystem for over 50 years [9]. - The article highlights the need for Vietnam to reform its incentive mechanisms to support local startups and attract technical talent to compete globally [9]. Group 4: Regional Developments - Other provinces in Vietnam are becoming key nodes in the semiconductor manufacturing ambitions, with companies like Vietnam Wafer Company expanding facilities to produce ultra-pure quartz for wafers [10]. - FPT and CT Semiconductor are constructing Vietnam's first wholly-owned assembly, testing, and packaging factory [10].

Core Insights - The CMOS image sensor (CIS) market is expected to experience strong growth in 2024, driven by the rebound in smartphone demand and needs in security, defense, aerospace, and consumer electronics. Revenue is projected to grow by 6.4% in 2024, following a 2.3% increase in 2023, with a compound annual growth rate (CAGR) of 4.4% from 2024 to 2030 [1][4]. Market Trends - The market volume is anticipated to rise from 7 billion units to 9 billion units by 2030, with mobile, security, and automotive applications being the primary growth drivers [1]. - The average selling price (ASP) remains stable above $3, supported by high-end features in mobile and automotive sectors [1]. - Wafer production is expected to grow by 8.9% in 2024, with a steady increase projected until 2030 [1]. Competitive Landscape - Chinese company Smartsens leads the market with a significant year-on-year growth of 105.7%, expanding into mobile and automotive sectors. Sony's market share has also increased by nearly 50%, while SK Hynix has reduced its focus on CIS, concentrating on memory products [4]. - Companies like ON Semiconductor, Teledyne, and STMicroelectronics have seen revenue declines due to slowdowns in industrial and medical markets, as well as reduced design orders in consumer electronics [4]. - Despite trade tensions, the CIS sector remains resilient due to the adoption of mature nodes, with domestic demand and government support bolstering production in China [4]. Technological Innovations - The CIS industry is evolving through innovations that enhance performance, integration, and sensing capabilities, including higher signal-to-noise ratios, improved low-light sensitivity, compact designs, and lower power consumption [7]. - Sony's three-layer stacked sensors are being adopted in mainstream smartphones, marking a shift towards intelligent sensing rather than just resolution [7]. - Advances in 22nm logic stacking technology aim for ultra-low power consumption and expanded computational capabilities, with FDSOI technology expected to be utilized for neuromorphic sensing [7]. Future Projections - By 2030, global CIS wafer capacity is projected to meet demand with a capacity of 638k wpm and a utilization rate of 72% [4]. - The industry is witnessing a transition towards multi-stacking architectures, with BSI (Backside Illumination) technology leading the way [8].

Core Viewpoint - The article highlights the extensive inventory and operational capabilities of a chip distribution company, emphasizing its significant stock levels and quality control measures. Group 1: Inventory and Facilities - The company operates a 1,600 square meter smart warehouse with over 1,000 stock models and around 100 brands, holding a total of 50 million chips valued at over 100 million [1] - An independent laboratory is established in Shenzhen for quality control (QC) inspections on every material [1] Group 2: Procurement and Sales - The company is actively seeking to purchase specific chip models in large quantities, including 30,000 units of TI HDC2021DEBR and 150 units of ADI LTC6957IDD-1PBF [2] - There are special offers on advantageous materials, with significant quantities available, such as 187,000 units of ROHM 2SCR533PFRAT100 and 160,000 units of ST STM32G474CBT6 [3] Group 3: Customer Engagement and Services - The company has served a cumulative total of 20,000 users and can complete transactions in as fast as half a day [4] - A platform is available for users to find unsold inventory and potentially better pricing options [5]

Investment Rating - The report maintains a favorable outlook on the semiconductor industry, particularly favoring companies like Texas Instruments, Renesas, and Infineon [2][3]. Core Insights - The semiconductor inventory levels are showing signs of normalization, with MCU inventories stabilizing after a previous period of understocking [2][3]. - Pricing trends across various semiconductor categories have remained stable, with an average increase of 1% month-over-month and a 14% year-over-year increase [3][9]. - The report highlights a continued digestion of MCU inventories, which had previously been elevated, indicating a positive trend for the industry [3][12]. Summary by Relevant Sections Inventory Trends - MCU inventory has decreased by 1% month-over-month after a 5% decline in the previous month, while overall inventory levels were flat to down 2% across most categories [3][4]. - Capacitors and Sensors saw a month-over-month increase of 6% in inventory, contrasting with declines in other categories [4][15]. Pricing Trends - Pricing for MCUs remained flat month-over-month and increased by 1% year-over-year, while other categories experienced slight increases of 1-3% [4][15]. - The overall pricing environment is deemed manageable, with a year-over-year increase of 3% on a revenue exposure weighted basis [9][12]. Company Observations - The report notes that pricing for transistors increased by 1% month-over-month and 18% year-over-year, driven largely by bipolar transistors [4][15]. - Infineon has seen an increase in MCU inventory to 4% of the total, up from an average of 2.6%, indicating potential overstocking or market share gains [5][19].